Ripple’s XRP-powered, cross-border payment product has seen massive growth in volume year-on-year (YoY) despite the company’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC).
In the second quarter of 2022, the payment product called On-Demand Liquidity (ODL) had a 9x growth in volume YoY, according to a new market report from Ripple.
Explains the San Francisco-based payments firm,
“Customers continued to expand the use of ODL for use cases beyond traditional remittances or individual payments, with treasury flows and bulk payments accounting for more volume on the network.”
In the second quarter, the report highlights that Ripple’s ODL-related sales tallied to over $2.12 billion worth of XRP while purchases amounted to $1.717 billion worth of XRP for net sales worth nearly $409 million.
Says the company,
“Ripple has continued to engage in sales solely related to ODL and these volumes have ramped up substantially as Ripple’s ODL business expanded globally. Ripple has been a buyer of XRP in the secondary market and expects to continue to undertake purchases at future market prices as ODL continues to gain global momentum.”
While Ripple remains in a protracted standoff with the SEC, the company has still managed to kick off a series of international business partnerships.
Ripple recently partnered with FOMO Pay, a Singapore-based payment solution provider. The firm will use ODL to improve its cross-border treasury flows.
In March, Ripple partnered with FINCI, a Lithuanian fintech firm, to use ODL to facilitate cross-border money transfers.
Last September, the San Francisco-based company announced it was working with Bhutan to create a central bank digital currency (CBDC), and in November it partnered with the Republic of Palau to develop a government-backed stablecoin and ease cross-border money transfers.
XRP is trading at $0.37 at time of writing.